to headquarters, with wapner and "fast money" hoist hoist. a history day on wall street as the financial markets reopen for business following sandy's destruction. good afternoon. welcome to a special edition of "halftime report." here's how the day looks thus far. modest losses across the board, but really it's a green day. the victory is in the fact we are trading stocks at all after hurricane sandy blew through new york city and left a big path of destruction. bob pisani is back on the floor of the new york stock exchange after its history two-day closure. bob joins us with how wall street is getting back to business. how does it look? >> well, the important thing is they goat exactly what they wanted. scott, no major connectivity issues, a few small ones, but no

major issues. i caught up with duncan niederauer, and he was breathing a sigh of relief. >> we've been working on it for the last three our four days. our team was here overnight the last three, four nights. we jokingly said we may be the only building with water, lights and food. that's more than a lot of hotels have going for them. >> they almost are the op building with the lights on. the facade has been a beacon downtown for the last few days. scott's right, the volume is light to moderate today, open was quiet. bottom line is this. i think we'll see some volume toward the close related to the end of the month, but that will be about it. the hot stocks, now that we've seen the magnitude of the storm, the late-comers are getting into home repairs.

owens-corning has been as obvious choice for many, many days. beacon roofing is a small company, and this is a small industry. how about dredging? a big move on the up side, and of course armstrong world, a big flooring company. the insurance companies down about 2% last week, but some smaller company els, a bit more serious. we're trading all of today's action with simon baker, murphy, and najarian. guys, i'm glad you made it in. mike murphy, i know it's been a trying few days. how are things going? >> it's acñt really strange morning, scott. traffic is crazy.

i've heard the lines at rental car companies are out the doors. over at my office at 57th and 7th, the entire area is still blocked off by the police because of that crane that's there. inside the office, internet service is spotty at best. trading is very, very light. the market is exactly what we were hoping for here. you wouldn't want to really have to put a trade on today because of the way the systems are set up. if they're running at all, they're very slow. so i think the orderly kind of slow market is telling you people are happy to be back to work and hopefully it stays the rest of the way today. >> i'ming, any noticeable activity or just watching from the sidelines and trying to figure out whats next few days have in store? >> its think it's a lot of

emotional trades going on action light trading i wouldn't be chasing the trades that bob was talking about. i'm 58th and madison, really spotty internote service, some of the traders i'm talking with are still working from home. >> well, the story of the day clearly is wall street getting back to business, but there's no shortage of news, including a couple big deals. philip van heusen buying wa relate neco. it gives control of 9 calvin klein brand and dow component disney is buying -- >> dr. najarian. it's interesting that they're happening and there's big deals as well. which one do you want to take? >> i'll take them all. it's good to see them spending cash. we know companies have 1.7

trillion on their balance sheets, so it's nice to see them putting that money to work. lucasfilms a little more surprised, but i guess it was about time. george has done a fabulous job with that franchise. iger wants to push it out and make it bigger as far as expanding it with games, rides, all the rest. not that george lucas missed that opportunity, but i think disney is greetly positioned to monetize even better what that franchise is. >> and the pvh/warnamount co deal, getting -- >> be careful. >> getting -- and it.> you have to remember, i went to dinner a few weeks ago, and having dinner with calvin klein. >> i do recall that. i do recall that.

i want on the two deals, i prefer the disney deal because of disney's history of really taking deals that might at first looks expensive, but tern them into franchise-transforming deals. >> doc? >> i agree. i think the point is that disney can also turn that into rides, turn it into movies, beyond that. they've obviously talked about the 2015 and episode 7, but there will be a whole bunch of new harrison ford characters that will emerge. you see what it did when they plugged in ewan mcgregor and samuel jackson. and i think this is a reboot and a potential money maker for decades to come. >> i have to give my props to crepe other, because i think it was in september on his show, he

actually said that pvc deal should happen, so big props to jim cramer on that. >> just to see the size of these deals, the goldman sachs and morgan stanleys, i think also the ma activity will pick up. a name moving in superstorm sandy's wake -- saying that five times fast -- michelle caruso-cabrera probably can. >> intuitive that home depot would be the best performing mover. hasn't been able to trade for two days, plus decent housing data as well. a gain of a buck 54 to 61.58. scott, back to you. >> guys, have you missed your opportunity on home depot? we've been talking about it now for the better part of the week. >> i agree with what simon said. i think these obvious trades are johnny come lately trades at this point. >> home depot up 2.5%, it's

really already made the move. i think you're saiding yourself up for rf tdisappointment. on the flip side, you possibly want to get into some of the superiority and casualty insurers like chu about ub, i think they're good buys on the sell-off. >> what about lowe's or any of those related names? >> i'm going to take the other side. i think home depot, if you're playing it for a trade, sure, you don't want to chase it up 2%, but the real play in hon depot is the recovery in the housing market. that hasn't stopped. if anything, you know, we had the kroeismt o of weyerhaeuser on yesterday, and hi gave us a hint. he did say that fourth quarter is looking very strong. we're looking at liv

pictures from staten island. you can see the floodwaters there, so a sizable rebuilding effort. all along, really, the eastern seaboard. dr. j, how about home depot, lowe's or some of the other home improvement or related businesses? >> i think this plays out for months and months. the board-up part comes before the hurricane. the long-lasting effect is people will be buying mohawk and carpet, buying around strong worldwide, as you've detailed. fastenal for all these little parts that go into your home. i don't think this is a two-day story. i don't think it's just because of the two days when this storm was most fierce are the reasons you buy those. i think you buy them, because the reconstruction will take months. that's why i buy the rest of those bricks and mortar, if you

will. >> for some of these folks in staten island, these live pictures coming in just now, the rebuilding effort could take quite longer. ahead on "halftime report," apple shares falling in the first day of trading since the big management shake-up there.9÷ go bargain hunting here? look at that. a five handle. that means it's trade fog 500-also some. probably a month or so it was 100 higher, so quite a turn. we'll talk about that, but first many of new york ease subways are flooded. many are getting back to work today. we're assessing the damage tots region. and the fuel shortages, of course you know about that if you've tried to fill up your car. kayla tausche is in one of the hardest-hit areas, atlantic city, new jersey. >> reporter: residents are reeling from the wreckage, even

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welcome back. weiss getting back to business, but this was one of the most memorable pictures. this is in midtown manhattan, i think it will be talls residential building in new york city that's the crane that was dangling. it remains that way. above many office towers, many people in that general vicinity have been evacuated. no idea when they'll be able to get back to their residences and businesses, as they try to get back to normal. millions still remain without power. president obama and new jersey governor chris christie are set to survey the damage in atlantic

city. kayla tausche is there, she was there when the storm came in. she remains today. kayla? >> reporter: that storm summit is set to take place very shortly right here in atlantic city. president obama was just about an hour ago at the headquarters for fema in washington, d.c. before making his way up here to atlantic city. of course this meeting is very important, because governor chris christie has said over and over again that fema will play a huge part in the recovery following the wreckage here in new jersey after landfall on monday. you can see the shrapnel from the northernmost end of that iconic boardwalk. many houses also damaged. even some of the residents that have chosen to stay are starting to get power back and starting to assess the damage and start the rebuilding effort. many residents were using the power to get pumps and start

pumping water out of their flooded homes. meanwhile, parks of the boardwalk remained. bull dozers and national guard we are coming in to assess that damage and clean that up as well. as far as the damage other places in new jersey. world throughout the mormg of several fires. fires are breaking out all morning, said to be due to natural gas. other towns remain extremely damaged and reeling from the disaster. of course wile have more as soon as that summit takes place here. scott, we'll send it back over to you. >> we're watching at the shots of the seaside in new jersey, where you get a real look at the devastation. we'll make a turn back to the markets. it's a light trading day for the

most part. the markets are trading lower much apple stock is on track for its worst monthly drop. down as you see yet again as wall street gets the first chance to trade the big manage shake-up. brian white follow apple for topeka capital. brian, you know, it is quite startling how you look and see a five handle on the stock after talking $700 not that long ago. >> yeah, it's amazing. what you look at apple here, when the news cycle turns negative, it really turns negative. we have seen that over the last couple years. we've seen tremendous buys opportunities, which i think this is action on these type of corrections. we had one last october. i think this is very, very lard and the tech results have been absolutely horrible this quarter. >> yeah, what's interesting is the news cycle turns negative, but the analysts community

remains overwhelmingly positive. there's been a change in psychology, it seems about where apple stock is going. it seems that people are looking for any excuse to sell apple, whereas before they were only looking for reasons to buy it. >> you're exactly right. we have to focus on the fundamentals. i think the fundamentals at apple are very, very strong. the valuation is significantly undervalued at nine times x cash. you've got a company with small market share. this ipad mini is a home run. it already takes two weeks to order these things. iphone 5 is a huge success. they just can't make enough. so the fundamentals are in place. the new about, scott, over the weekend brings up a new issue, i'm not concerned about it, but it's obviously weighing on the stocks. >> microsoft was at a

developers' conference earlier this week, do you think -- >> i think the surface will have an opportunity probably in the enterprise market. again, i don't think many consumers get excited about microsoft. probably the only product in the xwumer world that's interesting is xbox, but i do think the surface for the enterprise could be interesting, simply because you can use all the office applications on it. most of the enterprises will support it. apple has taken it up a level with the ipad mini and releasing a fourth-generation i want pad. so i think they'll continue to crush competitors in the tablet market, but i think there's a place for surface. apple bears like my buddy have been pounding on the stock, but many of them jumped off the short side and dougie jumped back in with me this morning. so first question to you, how

important is that moving averag. second, as far as just trade school real quick, the time decay for these weekly options mean about 40% of the value of these puts depressed in value dramatically, even though the stock is down way until where it was friday but back to the other question. 200-day moving average, how important is it, mr. white? itches i think it's a great point. i'm not a technician, but obviously the market participants, definitely focused on these things. i think fundamentally it's significant live undervalued. i wouldn't be surprised if the stock bottomed after this big correction. we've had corrections like this before. it's withheld moving averaging before. at 9 times xmt cash, with all these lowered expectations, you have ton a buyer at this level. >> let me push back real quick.

if concerns about iphone 5 sales don't worry, you if concerns about the biggest manage shake-up at the company in more than a decade don't worry you, what would? worry you about apple? >> iphone 5 demand is insatiable. they can't make enough. they've had some yield issues, so it's not a demand issue. a demand issue would concern me. regarding the shake-up, let's keep in mind, you know, scott did not get along with other executives. >> who cares? it's a big deal the fact that the guy is leaving, and it just sounds as though people are looking just to write it off as ho-hum, no big deal. it's the biggest management move in 15 years. >> you're right, it is a big deal, but apple is trying to take it to the next level.

the important ways is through inquiries collaboration. they're going to have to take it up a notch. the next big product is apple tv. these groups have got to work together. i think when you look at johnny ives. he's probably will be the next ceo. he's? charge of industrial design. he ace now in charge of human interface. he with work with these other players. on top of that, i think it's very exciting what he's done. think about what he can do to the human interface when we look at it. prior target? >> still 1111. this is a great deal buying

opportunity. >> brian, thank you very much. let's hit the biggest pops and drops in midday training, western union, this is dropping 28% or thereabouts. >> yeah, the 2013 guidance was down 10% to 15%. i think the biggest problem is that they're behind on the technology curve. the only unit that did well was the electronic unit. a lot of other paper -- simon, a stock that's been mentioned already in the context of hurricane sandy, masco. a pop of 3%. >> yeah, it continues in the whole ideauo÷ of recoveries in housing space. we'll see what kind of interest there is in the top lying growth. doc, give me the is it scoop. >> you bet, john, last week they were buying upside calls on tuesday last week, that paid off big for them. power generations and emergency

restoration service which are the core of what this company does. >> and valero is dropping, looks lake 1% or so? >> it's recovered quite a bit. these guys announced earnings yesterday. so now it's rallying back. i think our good friend dr. j was saying you should look at this thing. i agree completely. i think h blero is a buy. >> and spread wti remains fairly wide? >> yes. still to come, hurricane sandy sparking fuel shortages up and down the east coast, including long island. when fresh supplies may be able to get in and how this could affect the ma. as we head to break, how some at -- some of the energy stocks in the aftermath of hurricane sandy. we'll be right back. [ female announcer ] want to spend less and retire with more? at e-trade, our free online tools

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we have an union date on some of transportation infrastructure, as you look at

picture of a new york city subway according to the governor, they'll attempt to restore limited subway service tomorrow in new york city and long island railroad, 87% of which was left without power, that will be restored on a limited base sometime today, along with metro north. also reaching into connecticut as well. some trying to get transportation back up and running, some small victories along the way. subway service in new york city, attempted at a limited restoration tomorrow. there are oifs, apartments buildings and elsewhere around the city. so interesting news. a market check now from michelle caruso-cabrera is on that story. we talk to the crennell o here on halftime a few days ago. you have to believe they're doing some business. >> the stock is smoking hot this

morning in addition to the expectation that, of course they'll sell a lot more generators. they reported earnings this morning which reported sales higher 20%, even before the storm. they are definitely benefiting from the secular shift of people who think maybe i have to have backup power. the ceo will be on again later on today here at cnbc, what time do we put up the full screen? there it is, 5:00 p.m. >> yes, exactly. over to you, stock. >> aaron jagdfeld tomorrow night, the ceo of g emnerac. dr. j, how about generac? >> that's not a temporary generator, some of the built-in generators. the volatility on those options are up about 70% over the 30-day average. they're buying the upside calls,

so people are betting this is a trend, especially for the higher-end homes, to put in permanent generation of power, just like pete has in connecticut. >> if you've been trying to fill up your vehicle in areas, you know it's been rough going, lines to service stations are long as rye fineries try to get back up and running. addison, welcome back. good to have you. >> good to see you. >> can you give us a picture now that the storm has moved through. certainly on my way in, you see a lot of service stations either closed or with lines that are, say, 20 cars long. >> the quick and dirty is in the northeast about 25% of the capacity is out. that's really two refineries, the bayway and another smaller facility there. so the situation is that we've

got demand -- production capacity down a bit, but we've also got demand down quite a bit, because obviously a lot of people aren't on the roads. the real problem today, however, is the expiration of the november gasoline contracts, which can require delivery in the new york harbor, and the harbor is closed add to that the fact that colonial pipeline is having difficultly, particularly at linden, new jersey. you've got a situation where we're looking at the futures up almost 14 cents. >> i know you're a professional trader and all that for a living, but can you speak to the folks who may be watching the program, who are thinking more about trying to get their cars filled up. when you mention a refinery, folks may not know how important

a refinery like that is to this area. it's quite large. i just want to make people understand when they think they'll be able to fill up as normal, more so than how to trade it, so to speak. >> sure. bayway is critical to particularly the new york area. they call it the gasoline machine, because it really just goes constantly, bringing gasoline -- or producing gasoline for the new york city and long island areas. as long as that refinery stays down, you'll have some problems here. in terms of when supplies can be back on the road, it depends on the degree of flooding at bayway and the other refinery that's down in the area. and right now there's no reports of how long it will take. >> good stuff, addison. thank you for being with us.

addison armstrong. mike murphy, you want to talk gasoline? >> yeah, i wanted to bring up the point of phillips 66. it looked like a solid quarter. addison, do you think it's a buying opportunity? >> i'm still here. >> quickly, what was the question again? >> on phillips 66, they came out with earns action and they look to be pretty good, but the stock sold off, cleanly something to do with the potential refinery shutdo shutdown. it looks like a buy here. i wanted your thoughts. >> apart from what's going on today, as long as the brent t.i. spread remains what it is, that's very healthy for east coast refiners and should do well for the company's earnings. >> just on this note, i'm looking at a note from shell, which is saying they're working as quickly as possibly to safely

supply their own wholesalers of their branded stations, as that industry tries to get back up to speed as well. let's get a read on how traders in the pits are trading commodities. jackie deangelis has been monitoring that action, and host of a new online show call the "futures now." >> hey, good afternoon. you talked about gasoline praises. natural gas prices are rebounding a bit. now, to the eastern seaboard, will this rally stick? and what are some of the key levels to watch? an thoip, let's start with you. what's your take on this 1234. >> i went to the pit and asked how it was, and they said this is the least one affected as far as distribution and things like that, so the market is very well

supplied. i think the pop you're seeing is weather related, and that it. >> griz, what you got to know is the open interest in the puts. they're traps in an area, we need another catalyst. you hit it on the head. we need something to get the market going. right now i'm here haej funds of long. they'll defense the 360 ear, but right now we're in a race, taking a word from some of our traders, you have ton an opportunistic trader. >> fair enough. that's how our guysq the money in the commodity pits. the question, where do you think nat gas is headed? log-on and vote in our poll. we'll give you the results on the live streaming show. do be sure to tune in today.

we have a special interview with robert shiller, the cofounder of the kate shiller index. yesterday's positive numbers getting lost in the storm. a long-term investment opportunity going under the radar. the storm may be over, but the cleanup has begun. less than an hour before president obama and new jersey governor chris christie tour the damage in southern new jersey around atlantic city. if we look at a shot of seaside heights in new jersey. we're back after this. next we cover the bounces, the island reversal, the breakout and breakdowns in requests pops & drops." plus they say the dumb money trades in the morning and the smart money trades into the

close. we reveal what that smart money is buying and trading before the final bell tolls, when "halftime report" continues.

there is a picture of one of the few lit buildings s again closed due to weather since the 191880s. is it really business's usual? we'll talk to a wall street participant. wallach best capital, an institutional intermarket broker. he joins us on the fast line. welcome to halftime, michael. >> good afternoon. >> i'm sure it's not exactly business as usual. >> no, it's not exactly business as usual. we spent yesterday making sure our people were secure, and once we institutional that, we had to secure a spot where we could have connectivity. >> where is your regular office located? >> 100 wall street, right in the middle of the river. >> you're all the way down

there. where have you relocated to? >> long island, once we need with you connectivity here in long island, we spent all last night and this morning making sure we were ready to go. >> can you tell me what it's like to navigate a market like this, when you have half a state of and at a location that's not your own? >> the 7:30 this morning we are pretty much 100%. our etf was if you recally functional waiting for the market to open. and to get to the marketplace. >> once the market opened this morning, it was a little tense tiff. i think people wanted to see if there was liquidity in the marketplace. after the first 15 or 120 minutes, it was pretty much

business as usual. >> how do you think volumes will look? volume thus star described by our bob pisani has been light to moderate. we're watching the market turn a bit lower. not too far from the lows of the day. does it pick you were as we head to the end? >> i think it has already. i think with the market opening up this morning and having a reversal our blotters are getting fuller. i think as people sigh the market going this way -- >> good to talk with you, wish you the best of luck. >> thank you vich. >> i gill this underscorsese the fact that weight may be open, but it will be a while before thing are try think open. >> everybody wants their business running, but nobody wants the mistake of getting out

over their skis, and then being stuck with open trades, so i think everybody, as mike was mentioning, is kind of easing into things. from there i think this would be behind us. you'll see new york picking up, recovering, and the market will be back to normal. >> dr. j? >> i agree. i call michael wallach's desk nearly every date. so cuedo toss him and that firm for getting up and running today under very difficult circumstances when, as you said, scott, they have water up to whatever floor in the building down on wall street. it just shows how innovative these companies have to be to get up and out to long island, all the phones and everything else hooked up. that shows pretty good determination. i agree, next week i think it will be back to normal. up next the latest on the airlines in the way of

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good afternoon, everybody. today on "power lunch," the people on the front lines. the president arrives in the disaster zone top of the hour, we will so you very vividly what he will find. mayor bloomberg set to give an update. how soon before the city and it) businesses are back on their feet. tuesday, of course, election day, but how in the world are some people in new jersey and elsewhere in the storm's path ever going to get to the polls? a look at the options today. meantime back to scott and fast half. let's get back to michelle caruso-cabrera. she's looking at how the airline stocks are moving after the storm. they're slowly getting new york's airports back up to speed. >> but still tens of thousands remain canceled. so this morning, the first time investors could react to all this news, what are the airlines doing? mostly lower, not by much.

southwest the only outlier. >> guys a quick comment? not exactly great businesses going into the storm. i guess they'll be questioned even further coming out of the storm. >> the airline space as a whole we like. one of the companies we like is b.e.a. aerospace, that refurnishing these planes, that will benefit regardless ody i want you're talking about a defense-related company. would you put your money today in any of the major airline names? >> i wouldn't be chasing any of these. >> scott, one important point to make on sandy, i think people -- traders at home should definitely not make any drastic moves. so i think traders should stay on the course in terf -- >> well, much of the focus is on

the u.s. markets today. some of the smart money is looking towards china where important economic data comes out. mike san tolli joins us now. cnbc and -- do have a partnership to share editorial content. what should we be watching for today? obviously the focus in the united states is about trying to get back into business. >> exactly. there really want a tremendous amount of market-moving news here, but china still pressing hard on the accelerator. to me this is the thing that, if you want to get bullish after we absorbed these -- you need china to reaccelerate. we'll get their pmi later, if you look at the mainland china proxies, to me it shows it's stabilized, had a nasty bear market, but not yet closed the

gap to tell give you the signal that story is back on. >> what growth do we need at the end of the day, to sustain whatn china based on the fact that china's not going off a cliff. >> clearly you had chinese bear market when growth never got much below 7%. clearly you need something high single-digit percentage gains i think to persuade people. you have to actually see the sort of comfortable traditional china plays like the ire ore stock. it has a real bearish supply story that's happening. you want to see if those stocks have finally built that in and china will have some uptick again. i think it is kind of an agnostic position you have to take as to whether china can do it in a timely way that can kind of overcome the domestic corporate earnings fears we've run into. >> lot of issues on the table. you've got the hand-over of power in the near future. worries about the global economy and what it is doing to u.s. companies with exposure there.

yum!s of the world. >> there is a tremendous amount going on. i do get this sense out there, maybe there is a consensus that it is going to work because the changeover. >> steve leisman has some breaking news. thanks, scott. adp has released new september numbers for its report on the private sector. based on the new methodology that's coming out, they moved from macro economic advisors to moody's and mark zandi over there now contemplating the adp number. they say under the new methodology the new september number would have been 88,200 compared to the 162,000 reported under the old model. they will revise that september number again tomorrow with the first live release of the october employment under the new methodology. the ad 82,500 is the number if they reported september numbers in early october. they'll revise that again tomorrow along with a fresh

number. mark zandi says it is just a methodology, there were differences in trade, transportation, personal services, as well as different factors they're using to adjust the numbers. rather than jobless claims, they're using another indicator call the philly fed coincident indicator. a lot of economists are now puzzling over it. bottom line is under the new methodology employment would have been quite a bit lower than first reported but you kind of have to hold your breath. as one of our esteemed producers here said, they're now releasing the old apples so tomorrow we can compare apples to apples rather than apples to oranges. >> all of this happening ahead of a jobs report coming on friday, too. from the government. >> right. >> all of it will be close to watch over the next couple of days. >> just so you know, they moved the regular report from wednesday to thursday. only tomorrow. they'll be back to regular wednesdays at 8:15 beginning with subsequent reports.

still to come, just how much will super storm sandy cost the insurers. we're taking stock of the massive damage and checking the numbers. picture outside the new york stock exchange today. business trying to get back to normal. trading is ongoing. dow jones industrials down 44 points. back after the break. ♪

welcome to the world leader in derivatives. welcome to superderivatives.

stocks are trading. here's a look at the s&p 500 down about .33%. off of the lows of the day. dow industrial down about 44 points. that is a loss of one-third of %. we'll be right back.

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break news on knight capital. here's a statement from a spokesperson. we have had power issues midday and have told our clients to route away. six income businesses fine. all others have shut down. like the nyse we were on generators today. unfortunately they fail. we are working on restoring power but unsure when it will return. fortunately we have moved all of our equity client order flow away so no clients were affected. guys, bottom line -- jersey city having some power and flooding problems. i live there so i know about it. >> bob, couple seconds left in the show. td